How Madonna, Bono, & Other Rich People May Avoid Paying Taxes

[Gaga Monster 13,001]

Tax havens of the rich and famous: Bono, Queen Elizabeth revealed in docs

Millions of documents leaked in “Paradise Papers” show how wealthy avoid paying taxes

A massive leak from a Bermudan law firm has revealed how several of the world's wealthiest companies and individuals have been taking advantage of complex, multinational schemes to avoid paying taxes on their income.

The document and emails, which number more than 13 million, according to several news organizations granted access to them, have also demonstrated the financial reach of two Russian investment funds which are closely linked to the government of the country's president, Vladimir Putin.

Among the individuals mentioned in the documents are singers Bono and Madonna, Queen Elizabeth II of the United Kingdom and Commerce Secretary Wilbur Ross. Several prominent companies are named as well, including Apple, Nike and Uber. All of them, via their investment advisers, utilized various series of shell corporations and multiple companies to structure their investments so that income they earned in high-tax nations would be redirected to low-tax ones. It is unclear to what degree the individuals and heads of the various firms were aware of the often elaborate tax avoidance mechanisms that were in use.

In the documents, Ross was listed as an investor in a shipping company which does significant business with a Russian gas company. He failed to disclose this interest in paperwork he filed with the U.S. government as part of his nomination process.

According to the ICIJ research, Madonna is a stockholder in a "medical supply company in Bermuda" while Bono, the frontman of the Irish band U2, was an investor in a Maltese corporation which was set up to redirect profits from a shopping center in Lithuania.

The vast majority of the released materials came from Appleby, a law firm headquartered in Bermuda but with offices in a number of "tax haven" nations across the world, including Aruba, Bahamas, Barbados, Malta and the Cayman Islands. Research done by the British newspaper The Guardian indicates that a plurality of Appleby's customers come from the United States.

Most of the shell companies that were set up were in Bermuda, the Cayman Islands and the British Virgin Islands. The Isle of Man was also a popular tax haven headquarters, according to The Guardian. No companies or individuals have been accused of any legal wrongdoing as of this writing.

https://www.salon.com/2017/11/06/tax-havens-of-the-rich-and-famous-bono-queen-elizabeth-revealed-in-docs/

[Gaga Monster 13,001]

Madonna is such a hypocrite Release your tax returns Madonna, lets see how much taxes you avoided to pay while the rest of us have to pay our full amount

[Gaga Monster 13,001]

From Harvey Weinstein to Shakira, the celebrities with offshore interests

Martha Stewart, Madonna and Nicole Kidman are among those named in leaked Paradise Papers documents

They are some of the biggest names in entertainment, and all of them make an appearance in the Paradise Papers. Some do so by name, such as the “Ciccone, Madonna” listed in tiny print among the investors of a Bermuda company, while others are there by dint of the offshore entities they have backed.

Some of the celebrities’ interests are historical, others contemporary. Some are similar to those of the singer Shakira, who holds a substantial portion of her showbusiness earnings offshore.

Others such as Justin Timberlake and Nicole Kidman seem more interested in acquiring property in the Bahamas, and may have real estate or privacy reasons for registering companies in those jurisdictions.

Whatever the motive, there is nothing illegal about moving money offshore and nothing to suggest that any of those named below had any unlawful purpose. But the industry has evolved and grown exponentially in recent years – and political and public attitudes to offshore regimes have changed equally dramatically.

The current political climate raises legitimate questions about the actions of wealthy and well-known individuals: what benefit were they hoping for and will they continue to use such vehicles following the Paradise Papers revelations

https://www.theguardian.com/news/2017/nov/08/harvey-weinstein-shakira-martha-stewart-madonna-nicole-kidman-offshore

[ALGAYDO 35,073]

But of course their fans will be like, “iTs nOt iLlEgAl JuSt mOrAlY wRoNg So iTs oKaY!!1!” 

Very disappointed in some of those names tho, like wtf 

[ryanripley 86,575]

hollywood is truly over

[NintendoMONSTER 2,526]

I really don‘t know what to think of Bono now... I listened to some songs of their upcoming album and a was shook at how good they are  So I‘m very excited for that rumored Gaga collab 

Is it still ok to become a U2 fan? 

 

[ItsTommyBitch 12,640]

Wait, you mean rich people can be greedy  

Let's cut their taxes so they don't have to have such moral dilemmas  

[Serial Chiller 8,044]

ehmm rich people avoiding taxes. What's new? 

[scallywally 626]

I thought this had been discussed. We need to keep quiet really the bus wasn't exactly paying its way.

[CautiousLurker 19,709]

My country getting the recognition it deserves 

(I'm from Lithuania )

((Hate it with all my heart still  ))

[dlioncourt91 765]

You guys are surprised? 

Of course, rich people find loopholes and ways to hang on to their money. 

We been knew.

[Economy 52,843]

Half of u hating would do the same thing if u could since this technacly isnt illegal per say  

 

EDIT: I would do the same if I could! not even gonna lie!

 

But as a middle class Canadian. My income is insufficient to move around in a fancy mannor like that so i have to pay my taxes in full  

[scallywally 626]

On ‎12‎/‎11‎/‎2017 at 4:12 AM, Economy said:

Half of u hating would do the same thing if u could since this technacly isnt illegal per say  

 

EDIT: I would do the same if I could! not even gonna lie!

 

But as a middle class Canadian. My income is insufficient to move around in a fancy mannor like that so i have to pay my taxes in full  

They had a poll on the TV 52% of people said they would do the same. lol.

[FATCAT 60,888]

The thing is, it's up to us (democracies) to vote in people that will change the laws and fix these loopholes. I'm not saying we shouldn't complain about it, because it should be a focus of discussion, especially when it comes to corporations that hold money overseas, but we must also do something about it.

If we keep voting for Republicans, the rich are going to get more tax breaks and the gap is going to get larger and larger.

[Economy 52,843]

16 minutes ago, scallywally said:

They had a poll on the TV 52% of people said they would do the same. lol.

And many of the other 48% in their actual shoes who think they wouldnt hide tax money in the end would

 

its easy to think ud do the moral thing until ur actually in that position

 

The self-reported number may be 52% but the real number would probably be 75%+ in reality